2019 Q4 Form 10-Q Financial Statement

#000162828019013816 Filed on November 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $26.64M $29.22M $47.61M
YoY Change -46.74% -38.63% -14.04%
Cost Of Revenue $17.88M $17.27M $26.53M
YoY Change -33.31% -34.9% -19.48%
Gross Profit $8.760M $11.95M $21.08M
YoY Change -62.27% -43.31% -6.02%
Gross Profit Margin 32.88% 40.9% 44.28%
Selling, General & Admin $1.540M $1.720M $1.220M
YoY Change -52.62% 40.98% -22.78%
% of Gross Profit 17.58% 14.39% 5.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.370M $5.180M $13.31M
YoY Change -60.07% -61.08% -1.19%
% of Gross Profit 61.3% 43.35% 63.14%
Operating Expenses $6.910M $6.900M $14.53M
YoY Change -58.6% -52.51% -3.52%
Operating Profit $1.850M $2.943M -$414.0K
YoY Change -71.67% -810.87% -101.48%
Interest Expense -$3.180M $2.403M $6.965M
YoY Change -51.0% -65.5% -25.58%
% of Operating Profit -171.89% 81.65%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.330M $2.943M -$414.0K
YoY Change 72.73% -810.87% -100.57%
Income Tax $200.0K $87.00K $115.0K
% Of Pretax Income 2.96%
Net Earnings -$1.538M $2.848M -$528.0K
YoY Change 69.76% -639.39% -100.73%
Net Earnings / Revenue -5.77% 9.75% -1.11%
Basic Earnings Per Share -$0.79 -$0.11 -$0.30
Diluted Earnings Per Share -$0.79 -$0.11 -$0.30
COMMON SHARES
Basic Shares Outstanding 14.60M shares 14.60M shares 14.60M shares
Diluted Shares Outstanding 14.60M shares 14.60M shares 14.60M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.80M $14.60M $97.00M
YoY Change -56.65% -84.95% -61.66%
Cash & Equivalents $23.80M $13.29M $97.04M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.500M $5.100M $8.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $27.30M $19.70M $105.1M
YoY Change -55.61% -81.26% -60.91%
LONG-TERM ASSETS
Property, Plant & Equipment $508.8M $506.1M $1.067B
YoY Change -51.12% -52.57% 13.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $47.00M $45.80M $107.9M
YoY Change -63.54% -57.55% -62.31%
Total Long-Term Assets $640.3M $640.2M $1.287B
YoY Change -50.01% -50.25% -2.71%
TOTAL ASSETS
Total Short-Term Assets $27.30M $19.70M $105.1M
Total Long-Term Assets $640.3M $640.2M $1.287B
Total Assets $667.6M $659.9M $1.392B
YoY Change -50.27% -52.59% -12.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.30M $17.00M $30.90M
YoY Change -41.59% -44.98% 30.38%
Accrued Expenses $100.0K $200.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.80M $23.90M $41.70M
YoY Change -35.74% -42.69% 28.7%
LONG-TERM LIABILITIES
Long-Term Debt $307.4M $227.7M $664.4M
YoY Change -47.78% -65.73% -14.82%
Other Long-Term Liabilities $11.30M $10.40M $19.00M
YoY Change -76.56% -45.26% -64.81%
Total Long-Term Liabilities $318.7M $238.1M $683.4M
YoY Change -49.96% -65.16% -18.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.80M $23.90M $41.70M
Total Long-Term Liabilities $318.7M $238.1M $683.4M
Total Liabilities $352.6M $262.0M $725.1M
YoY Change -48.86% -63.86% -16.31%
SHAREHOLDERS EQUITY
Retained Earnings -$740.6M -$718.5M -$415.6M
YoY Change 69.52% 72.89% 13.17%
Common Stock $15.00K $15.00K $44.00K
YoY Change -65.91% -65.91% -24.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $277.7M $360.1M $622.6M
YoY Change
Total Liabilities & Shareholders Equity $667.6M $659.9M $1.392B
YoY Change -50.27% -52.59% -12.54%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$1.538M $2.848M -$528.0K
YoY Change 69.76% -639.39% -100.73%
Depreciation, Depletion And Amortization $5.370M $5.180M $13.31M
YoY Change -60.07% -61.08% -1.19%
Cash From Operating Activities $8.420M $9.680M $12.89M
YoY Change -22.75% -24.9% -484.78%
INVESTING ACTIVITIES
Capital Expenditures -$4.650M -$3.850M -$2.090M
YoY Change 143.46% 84.21% -77.18%
Acquisitions
YoY Change
Other Investing Activities $1.340M $175.4M -$4.060M
YoY Change -145.89% -4419.95% -101.98%
Cash From Investing Activities -$3.310M $171.5M -$6.140M
YoY Change -31.61% -2893.81% -103.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.030M -539.3M -2.170M
YoY Change -113.14% 24754.38% -96.87%
NET CHANGE
Cash From Operating Activities 8.420M 9.680M 12.89M
Cash From Investing Activities -3.310M 171.5M -6.140M
Cash From Financing Activities 6.030M -539.3M -2.170M
Net Change In Cash 11.14M -358.1M 4.580M
YoY Change -127.98% -7919.21% -96.26%
FREE CASH FLOW
Cash From Operating Activities $8.420M $9.680M $12.89M
Capital Expenditures -$4.650M -$3.850M -$2.090M
Free Cash Flow $13.07M $13.53M $14.98M
YoY Change 2.03% -9.68% 157.83%

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us-gaap Business Combination Acquisition Related Costs
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359000 USD
CY2019Q3 us-gaap Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
340000 USD
us-gaap Business Combination Acquisition Related Costs
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600000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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11690000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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3275000 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54931000 USD
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14600000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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156318000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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118564000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
77443000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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26107000 USD
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2018Q4 us-gaap Commitments And Contingencies
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CY2019Q3 us-gaap Commitments And Contingencies
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0.375
CY2019Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.375
CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
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0.375
CY2019Q3 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2019Q3 us-gaap Common Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Common Stock Shares Authorized
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CY2019Q3 us-gaap Common Stock Shares Authorized
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900000000 shares
CY2018Q4 us-gaap Common Stock Shares Issued
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CY2019Q3 us-gaap Common Stock Shares Issued
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CY2018Q4 us-gaap Common Stock Shares Outstanding
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CY2019Q3 us-gaap Common Stock Shares Outstanding
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CY2019Q3 us-gaap Common Stock Value
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us-gaap Comprehensive Income Net Of Tax
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CY2019Q3 us-gaap Comprehensive Income Net Of Tax
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2848000 USD
us-gaap Comprehensive Income Net Of Tax
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15000 USD
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8000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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3449000 USD
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2856000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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345240000 USD
CY2018Q3 us-gaap Cost Of Goods And Services Sold Depreciation
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10901000 USD
us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
32487000 USD
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CostOfGoodsAndServicesSoldDepreciation
4156000 USD
us-gaap Cost Of Goods And Services Sold Depreciation
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17908000 USD
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48021000 USD
us-gaap Costs And Expenses
CostsAndExpenses
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CY2019Q3 us-gaap Costs And Expenses
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26574000 USD
us-gaap Costs And Expenses
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198720000 USD
CY2018Q4 us-gaap Debt And Capital Lease Obligations
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227727000 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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993000 USD
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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344000 USD
CY2018Q4 us-gaap Deferred Costs Leasing Accumulated Amortization
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23910000 USD
CY2019Q3 us-gaap Deferred Costs Leasing Accumulated Amortization
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7125000 USD
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51152000 USD
CY2019Q3 us-gaap Deferred Costs Leasing Gross
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16771000 USD
CY2018Q4 us-gaap Deferred Finance Costs Gross
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5994000 USD
CY2019Q3 us-gaap Deferred Finance Costs Gross
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4535000 USD
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4213000 USD
CY2019Q3 us-gaap Deferred Offering Costs
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4753000 USD
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19463000 USD
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13310000 USD
us-gaap Depreciation And Amortization
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39783000 USD
CY2019Q3 us-gaap Depreciation And Amortization
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5180000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2837000 USD
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12152000 USD
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us-gaap Depreciation And Amortization
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9234000 USD
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us-gaap Diluted Earnings Per Share Pro Forma
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5474000 USD
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5474000 USD
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5474000 USD
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5476000 USD
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1095000 USD
CY2018Q3 us-gaap Dividends Payable Current And Noncurrent
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769000 USD
CY2019Q3 us-gaap Dividends Payable Current And Noncurrent
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1318000 USD
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493000 USD
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662000 USD
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1010000 USD
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1150000 USD
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1318000 USD
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10951000 USD
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
21.24
CY2018Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2019Q3 us-gaap Financing Receivable Allowance For Credit Losses
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682000 USD
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3724000 USD
CY2019Q1 us-gaap Gain Loss On Discontinuation Of Cash Flow Hedge Due To Forecasted Transaction Probable Of Not Occurring Net
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1580000 USD
us-gaap Gain Loss On Discontinuation Of Interest Rate Cash Flow Hedge Due To Forecasted Transaction Probable Of Not Occurring Net
GainLossOnDiscontinuationOfInterestRateCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurringNet
0 USD
us-gaap Gain Loss On Discontinuation Of Interest Rate Cash Flow Hedge Due To Forecasted Transaction Probable Of Not Occurring Net
GainLossOnDiscontinuationOfInterestRateCashFlowHedgeDueToForecastedTransactionProbableOfNotOccurringNet
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CY2018Q3 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
CY2019Q3 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
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CY2018Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
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0 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
0 USD
CY2019Q3 us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
302000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
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us-gaap General And Administrative Expense
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6496000 USD
CY2019Q3 us-gaap General And Administrative Expense
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1384000 USD
us-gaap General And Administrative Expense
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4793000 USD
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0 USD
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0 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
0 USD
CY2019Q3 us-gaap Impairment Of Real Estate
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0 USD
us-gaap Impairment Of Real Estate
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69000000 USD
us-gaap Increase Decrease In Other Operating Assets
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1820000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2943000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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347732000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
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115000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
795000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
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87000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
686000 USD
us-gaap Income Taxes Paid
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622000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
850000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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2137000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Deferred Leasing Fees
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1922000 USD
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1296000 USD
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2024000 USD
us-gaap Increase Decrease In Due To Related Parties
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1046000 USD
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us-gaap Increase Decrease In Receivables
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us-gaap Increase Decrease In Receivables
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us-gaap Interest Expense
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CY2019Q3 us-gaap Interest Expense
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us-gaap Interest Expense
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us-gaap Interest Paid Net
InterestPaidNet
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CY2018Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
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320000 USD
us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
320000 USD
CY2019Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
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0 USD
us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
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1806000 USD
CY2018Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
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CY2019Q3 us-gaap Land
Land
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CY2018Q4 us-gaap Land Improvements
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18368000 USD
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2713000 USD
CY2018Q3 us-gaap Lease And Rental Expense
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65000 USD
us-gaap Lease And Rental Expense
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182000 USD
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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106000 USD
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64000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received
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255591000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Five Years
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34370000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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37465000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
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12237000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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83981000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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40832000 USD
us-gaap Minority Interest Decrease From Redemptions
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113000 USD
CY2019Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
659852000 USD
CY2018Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
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28766000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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46706000 USD
CY2018Q4 us-gaap Liabilities
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CY2019Q3 us-gaap Liabilities
Liabilities
262035000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1342401000 USD
CY2019Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
0 USD
CY2019Q3 us-gaap Long Term Debt
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CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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152149000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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2620000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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71031000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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2450000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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2373000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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1479000 USD
CY2018Q4 us-gaap Minority Interest
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837000 USD
CY2019Q3 us-gaap Minority Interest
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499000 USD
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67000 USD
CY2019Q2 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
47000 USD
CY2019Q3 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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468000 USD
CY2019Q3 us-gaap Minority Interest Decrease From Redemptions
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113000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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39337000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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920501000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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49801000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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33599000 USD
CY2018Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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2027000 USD
CY2019Q3 us-gaap Net Income Loss
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2848000 USD
us-gaap Net Income Loss
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CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
15000 USD
CY2019Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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8000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-165000 USD
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
336186000 USD
CY2019Q3 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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455000 USD
us-gaap Notes Assumed1
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0 USD
us-gaap Notes Assumed1
NotesAssumed1
28200000 USD
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NotesReceivableGross
82641000 USD
CY2019Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
71111000 USD
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NotesReceivableNet
83248000 USD
CY2019Q3 us-gaap Notes Receivable Net
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71576000 USD
us-gaap Number Of Businesses Acquired
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0 acquistion
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-414000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
2837000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
2943000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
347732000 USD
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
69000 USD
us-gaap Operating Lease Expense
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224000 USD
us-gaap Payments For Repurchase Of Redeemable Preferred Stock
PaymentsForRepurchaseOfRedeemablePreferredStock
156000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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1973000 USD
CY2019Q3 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
1917000 USD
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
6381000 USD
CY2018Q4 us-gaap Other Assets
OtherAssets
18197000 USD
CY2019Q3 us-gaap Other Assets
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interim Financial Information</font><font style="font-family:inherit;font-size:10pt;">&#8212;The accompanying interim consolidated financial statements of CIM Commercial have been prepared by our management in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Certain information and note disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the interim consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying financial information reflects all adjustments which are, in the opinion of our management, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods. Operating results for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2019</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2019</font><font style="font-family:inherit;font-size:10pt;">. Our accompanying interim consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto, included in our Annual Report on Form&#160;10-K filed with the SEC on </font><font style="font-family:inherit;font-size:10pt;">March&#160;18, 2019</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ORGANIZATION AND OPERATIONS</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CIM Commercial Trust Corporation ("CIM Commercial" or the "Company"), a Maryland corporation and real estate investment trust ("REIT"), together with its wholly-owned subsidiaries ("we," "us" or "our") primarily acquires, owns, and operates Class&#160;A and creative office assets in vibrant and improving metropolitan communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets, which have high barriers to entry, high population density, positive population trends and a propensity for growth. We were originally organized in 1993 as PMC Commercial Trust ("PMC Commercial"), a Texas real estate investment trust.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">July&#160;8, 2013</font><font style="font-family:inherit;font-size:10pt;">, PMC Commercial entered into a merger agreement with CIM Urban REIT,&#160;LLC ("CIM REIT"), an affiliate of CIM Group, L.P. ("CIM Group" or "CIM"), and subsidiaries of the respective parties. CIM REIT was a private commercial REIT and was the owner of CIM Urban Partners,&#160;L.P. ("CIM Urban"). The merger was completed on </font><font style="font-family:inherit;font-size:10pt;">March&#160;11, 2014</font><font style="font-family:inherit;font-size:10pt;"> (the "Acquisition Date"). </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our common stock, </font><font style="font-family:inherit;font-size:10pt;">$0.001</font><font style="font-family:inherit;font-size:10pt;"> par value per share ("Common Stock"), is currently traded on the Nasdaq Global Market ("Nasdaq"), under the ticker symbol "CMCT", and on the Tel Aviv Stock Exchange (the "TASE"), under the ticker symbol "CMCT-L." Our Series L preferred stock, </font><font style="font-family:inherit;font-size:10pt;">$0.001</font><font style="font-family:inherit;font-size:10pt;"> par value per share ("Series L Preferred Stock"), is currently traded on Nasdaq and on the TASE, in each case under the ticker symbol "CMCTP." We have authorized for issuance </font><font style="font-family:inherit;font-size:10pt;">900,000,000</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock and </font><font style="font-family:inherit;font-size:10pt;">100,000,000</font><font style="font-family:inherit;font-size:10pt;"> shares of preferred stock ("Preferred Stock").</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We filed Articles of Amendment (the "Reverse Stock Split Amendment") to effectuate a one-for-three reverse stock split of our Common Stock, effective on September 3, 2019 (the "Reverse Stock Split"). Pursuant to the Reverse Stock Split Amendment, every three shares of Common Stock issued and outstanding immediately prior to the effective time of the Reverse Stock Split were converted into one share of Common Stock, par value </font><font style="font-family:inherit;font-size:10pt;">$0.003</font><font style="font-family:inherit;font-size:10pt;"> per share. In connection with the Reverse Split Amendment, the Company filed Articles of Amendment (the "Par Value Amendment") to revert the par value of the Common Stock issued and outstanding from </font><font style="font-family:inherit;font-size:10pt;">$0.003</font><font style="font-family:inherit;font-size:10pt;"> per share to </font><font style="font-family:inherit;font-size:10pt;">$0.001</font><font style="font-family:inherit;font-size:10pt;"> per share, effective as of September 3, 2019, following the effective time of the Reverse Split Amendment. All Common Stock and per share of Common Stock amounts set forth in this Quarterly Report on Form 10-Q have been adjusted to give retroactive effect to the Reverse Stock Split, unless otherwise stated.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">CIM Commercial has qualified and intends to continue to qualify as a REIT, as defined in the Internal Revenue Code of 1986, as amended.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;">&#8212;Certain prior period amounts have been reclassified to conform with the current period presentation. With the adoption of Accounting Standards Update ("ASU") 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases (Topic 842)</font><font style="font-family:inherit;font-size:10pt;"> and the election of the lessor practical expedient not to separate lease and non-lease components, </font><font style="font-family:inherit;font-size:10pt;">$1,857,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$6,248,000</font><font style="font-family:inherit;font-size:10pt;"> of expense reimbursements were reclassified as rental and other property income on the consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively, and </font><font style="font-family:inherit;font-size:10pt;">$272,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$841,000</font><font style="font-family:inherit;font-size:10pt;"> of non-lease component expense reimbursements recognized under the revenue recognition guidance were reclassified as interest and other income on the consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively. Under the new leasing guidance, bad debt expense associated with changes in the collectability assessment for operating leases shall be recorded as adjustments to rental and other property income rather than rental and other property operating expenses. The impact of this reclassification resulted in a </font><font style="font-family:inherit;font-size:10pt;">$33,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$152,000</font><font style="font-family:inherit;font-size:10pt;"> reclassification from rental and other property expenses to rental and other property income on the consolidated statements of operations for the </font><font style="font-family:inherit;font-size:10pt;">three and nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#8212;The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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